Daily Current Affairs – April 12, 2023
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Daily Current Affairs - Banking - April 12, 2023
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National News
Centre spent 5 lakh crore rupees in last eight and a half years in north eastern region
- Union Minister of Tourism, Culture and Development of North Eastern Region, G. Kishan Reddy said the Centre has spent five lakh crore rupees in last eight and a half years in the north eastern region.
- The Government is committed to bring in a world-class infrastructure in the north-east.
- He asserted that nearly 78 crore rupees are being spent on railway projects in the north east.
- Ministry of Development of North Eastern Region – Gangapuram Kishan Reddy,Union Minister (Secunderabad,Telangana) – BL Verma,Minister of State (Rajya Sabha MP,UP)
International News
EAM Jaishankar visits Uganda
- External Affairs Minister S. Jaishankar who is on a three-day visit to Uganda launched the ‘Tulsi Ghat Restoration Project’ of Varanasi, during his visit to Uganda’s Kampala.
- Dr Jaishankar will inaugurate the transit campus of the National Forensic Science University in Jinja.
- Uganda – Kampala (Capital) – Ugandan shilling (Currency) – Yoweri Museveni (President) – Robinah Nabbanja (Prime Minister) – English, Swahili (Language)
India, Vietnam reiterate commitment to deepen strategic partnership between the two countries
- India and Vietnam emphasized the significance of the UN Convention on the Law of the Sea (UNCLOS) and reiterated their commitment to resolving any disputes in accordance with international law, rejecting threats and unilateral actions that alter the status quo.
- National Security Adviser Ajit Doval held a delegation-level meeting on bilateral security cooperation with Vietnamese Public Security Minister Tô Lâm in New Delhi.
- Vietnam – Hanoi (Capital) – Vietnamese dong (Currency) – Võ Văn Thưởng (President) – Phạm Minh Chính (Prime Minister) – Vietnamese (Language)
State News
Tamil Nadu’s Authoor betel leaf gets Geographical Indication tag
- The Authoor betel leaf, that is unique to the village of Authoor in Thoothukudi district in Tamil Nadu.
- Known locally as “Authoor Vetrilai”, it has now earned a Geographical Indication tag.
- Tamil Nadu – Chennai (Capital) – MK Stalin (CM) – RN Ravi (Governor) – Tamil (Language)
Rajasthan government approves Rs 463 crores to strengthen micro irrigation system
- The Rajasthan government has approved Rs 463 crore to strengthen the micro irrigation system in the state.
- The revised Rajasthan Micro Irrigation Scheme will help 50,000 farmers construct farm ponds in the next two years.
- The government proposes to spend over Rs 260 crore on this.
- He said non-small-marginal farmers of scheduled caste-tribe would get an additional subsidy of 10 per cent like small and marginal farmers.
- To provide them support, the limit of subsidy for the construction of plastic lining farm ponds has been increased to Rs 1.20 lakh from Rs 90,000.
- In the next two years, 40,000 farmers will be given subsidies for the 16,000-irrigation pipeline, on which Rs 43.20 crore will be spent in 2023-24.
- At the same time, Rs 158 crore will be spent on constructing 5,000 small ponds in 2023-24.
- Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) – Kalraj Mishra (Governor) – Hindi (Language)
Banking and Finance
Mutual funds invest Rs 1.82 lakh cr in equities in FY23 on strong push from retail investors
- Mutual funds remained bullish on the Indian equities in 2022-23 and invested Rs 1.82 lakh crore largely due to a strong interest from retail investors and the correction in the market that led to reasonable valuation.
- This comes following a similar amount of Rs 1.81 lakh crore invested by mutual funds in the stock market in preceding financial year 2021-22 (FY22).
- Before that, they had pulled out Rs 1.2 lakh crore from equities in 2020-21, according to the data with the Securities and Exchange Board of India.
NSE Indices launches India’s first ever REITs and InvITs index
- NSE Indices, a subsidiary of NSE index services, has launched India’s first ever Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) Index Nifty REITs and InvITs Index.
- As the name suggests, the Nifty REITs and InvITs index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE.
- The weights of securities within the index are based on their free-float market capitalisation subject to a security cap of 33% each.
- The average weight of top 3 securities is capped at 72%.
- The Nifty REITs and InvITs Index has a base date of July 1, 2019, and a base value of 1,000.
- The index will be reviewed and rebalanced on a quarterly basis.
- National Stock Exchange (NSE) – 1992 (Founded) – Mumbai (HQ) –
- Girish Chandr Chaturvedi (Chairman)
RBI simplifies CIC application form, prunes list of documents required
- The Reserve Bank of India (RBI) has reviewed the system of processing applications for registration as core investment companies (CICs), making it smoother and hassle free.
- It has amended the application form companies must fill out to register as CICs, making it more structured and aligned with the rules that govern such entities.
- RBI has also reduced the number of documents an entity has to furnish along with the application form to register as a CIC from 52 to 18.
- The central bank has reserved the right to call for any further documents beyond the 18 that the entity is mandated to furnish, in order to satisfy itself on the eligibility of the company seeking CIC registration.
- A CIC is a non-banking financial company (NBFC) that carries on the business of acquisition of shares and securities and holds not less than 90 per cent of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies.
- Further investments in equity shares in group companies should constitute not less than 60 per cent of its net assets.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
Debit card usage declines 20% YoY as UPI becomes the first preference
- UPI transactions rose 66.4% year-on-year to 7.5 billion in February, data from the NPCI showed.
- On the other hand, debit card transactions have fallen 20% YoY to 220 million, data from the Reserve Bank of India showed.
- National Payments Corporation of India – 2008 (Founded) – Mumbai (HQ) – Dilip Asbe (MD & CEO)
ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000
- ICICI Bank has introduced an equated monthly instalment (EMI) facility for UPI payments made by scanning QR code.
- The facility will be available for customers who are eligible for the bank’s ‘buy now pay later’ scheme – PayLater.
- Customers can pay transaction amount above Rs 10,000 in the form of instalments in three, six, or nine months.
- The EMI facility for PayLater will shortly be extended for online shopping as well.
- ICICI Bank introduced PayLater facility in 2018 to enable customers to buy small ticket items immediately in a completely digital and paperless manner.
- ICICI Bank – 05/01/1994 (Founded) – Mumbai (HQ) – Sandeep Bakhshi (MD & CEO)– “Khayal Apka” (Tagline)
Citi, JICA announce co-finance loan to IndusInd Bank for agriculture sector
- Citi and the Japan International Cooperation Agency (JICA) have announced a co-financing loan to IndusInd Bank to fund the farm sector.
- This includes a $30 million loan by Citi and Japanese Yen 13 billion loan by JICA.
- This social financing to IndusInd Bank will be used by farmers to purchase farm equipment, crops, seeds, and fertilizers, as well as by small agricultural supply chain service providers.
- This transaction, in which Citi collaborates with JICA, marks our first structured co-financing arrangement to support India’s agricultural sector.
SBI to launch new current accounts and savings accounts in FY24 to attract deposits
- The State Bank of India (SBI) is planning to launch new variants of current account (with balances of ₹50,000 and ₹50 lakh) and “Parivar” (family) savings account in FY24 to minimise the gap between deposit growth and credit growth.
- State Bank of India (SBI) – 01/07/1955 (Founded) – Mumbai (HQ) – Dinesh Kumar Khara (Chairman) – “Pure Banking, Nothing Else” (Tagline)
Kotak General Insurance ties up with actyv.ai to sell insurance products to MSMEs
- Kotak Mahindra General Insurance has announced its partnership with actyv.ai to offer bite-sized insurance products to new-age micro, small and medium enterprises.
- Kotak General Insurance will leverage actyv.ai’s AI-powered platform to provide insurance solutions to support the business sustainability of small businesses.
- Kotak General Insurance Company Ltd. – 2015 (Founded) – Mumbai (HQ) – Suresh Agarwal (MD & CEO)
Nature
New frog species found in Meghalaya cave
- Researchers from the Zoological Survey of India (ZSI) have discovered a new species of frog from deep inside a cave in Meghalaya’s South Garo Hills district.
- This discovery is the second time that a frog was discovered from inside a cave in the country, the first being the discovery of the Micrixalus spelunca in 2014 from a cave in Tamil Nadu.
- The team named the new species as Amolops siju after the cave from where this discovery was made and the description of the new species was published in the latest issue of the international research journal, Journal of Animal Diversity published from Iran-based Lorestan University.
- Meghalaya – Shillong (Capital) – Conrad Sangma (CM) – Phagu Chauhan (Governor) – English (Language)
Appointments
NPCI appoints Vishal Anand Kanvaty as chief technology officer
- National Payments Corporation of India (NPCI) has announced the appointment of Vishal Anand Kanvaty as its chief technology officer (CTO).
- In his earlier role, Kanvaty was managing the portfolio of chief market innovation at NPCI.
LIC appoints PC Paikray as Chief Risk Officer, Ratnakar Patnaik as Chief Investment Officer
- Life Insurance Corporation of India (LIC) has appointed PC Paikray as Chief Risk Officer by replacing Tablesh Pandey.
- Ratnakar Patnaik appointed as Chief Investment Officer by replacing P R Mishra.
- Tablesh Pandey who has taken charge as Managing Director (MD).
- Life Insurance Corporation of India (LIC) – 01/09/1956 (Founded) – Mumbai (HQ) – Siddhartha Mohanty (Chairman)
AK Singh appointed as chief justice of Tripura high court
- Aparesh Kumar Singh, a judge of the Jharkhand high court, has been appointed as the chief justice of the Tripura high court.
- He replaced acting chief justice of Tripura high court, T Amarnath Goud.
- Tripura – Agartala (Capital) – Manik Saha (CM) – Satyadev Narayan Arya (Governor) – Bengali, English, Kokborok (Language)
Ranks and Indices
State Energy Efficiency Index (SEEI) 2021-22
- The State Energy Efficiency Index 2021-22 (SEEI 2021-22) has been developed by Bureau of Energy Efficiency (BEE) in collaboration with Alliance for an Energy Efficient Economy (AEEE).
- SEEI 2021-22 consists of 50 indicators (common and programme-specific) spanning 7 sectors – buildings, industry, municipal services, transport, agriculture, DISCOMs, and cross-sector.
- Based on their efforts and achievements, states have been classified as ‘Front runner’, ‘Achiever’, ‘Contender’, and ‘Aspirant’.
- In SEEI 2021-22, 5 states – Andhra Pradesh, Karnataka, Kerala, Rajasthan and Telangana – are in the Front Runner category (>60 points).
- 4 states – Assam, Haryana, Maharashtra, and Punjab – are in the Achiever category (50-60 points).
- Further, Karnataka, Andhra Pradesh, Assam and Chandigarh are the top-performing states in their respective state groups.
- Telangana and Andhra Pradesh showed the most improvement since the last index.
Sports News
2023 Orléans Masters
- Edition – 11th
- Venue – Palais des Sports, Orléans, France.
- Men’s singles – Priyanshu Rajawat (India)
- Women’s singles – Carolina Marín (Spain)
- Men’s doubles – Chen Boyang & Liu Yi (China)
- Women’s doubles – Rena Miyaura & Ayako Sakuramoto (Japan)
- Mixed doubles – Chen Tang Jie & Toh Ee Wei (Malaysia)
Important Days
World Parkinson’s Day
- World Parkinson’s Day is observed every year on April 11 and to raise awareness about the nervous system disorder.
- Parkinson’s disease is a neuro-degenerative disorder that affects millions of people around the world.
- While the disease is mostly diagnosed in individuals over the age of 60 years.
- On April 11th, 1997, the World Health Organization and the European Parkinson’s Disease Association (EPDA) created World Parkinson’s Day to mark the birth anniversary of Dr James Parkinson.
- He was the first doctor to identify Parkinson’s as a legitimate medical disorder.
- Parkinson’s Awareness Month is observed in April.
- The theme for 2023 Parkinson’s Awareness Month is “#Take6forPD.”
Daily Current Affairs - April 12, 2023 - Consolidated
- Centre spent 5 lakh crore rupees in last eight and a half years in north eastern region
- EAM Jaishankar visits Uganda
- India, Vietnam reiterate commitment to deepen strategic partnership between the two countries
- Tamil Nadu’s Authoor betel leaf gets Geographical Indication tag
- Rajasthan government approves Rs 463 crores to strengthen micro irrigation system
- Mutual funds invest Rs 1.82 lakh cr in equities in FY23 on strong push from retail investors
- NSE Indices launches India’s first ever REITs and InvITs index
- RBI simplifies CIC application form, prunes list of documents required
- Debit card usage declines 20% YoY as UPI becomes the first preference
- ICICI Bank to offer EMI facility for UPI transactions above Rs 10,000
- Citi, JICA announce co-finance loan to IndusInd Bank for agriculture sector
- SBI to launch new current accounts and savings accounts in FY24 to attract deposits
- Kotak General Insurance ties up with actyv.ai to sell insurance products to MSMEs
- New frog species found in Meghalaya cave
- NPCI appoints Vishal Anand Kanvaty as chief technology officer
- LIC appoints PC Paikray as Chief Risk Officer, Ratnakar Patnaik as Chief Investment Officer
- AK Singh appointed as chief justice of Tripura high court
- State Energy Efficiency Index (SEEI) 2021-22
- 2023 Orléans Masters
- World Parkinson’s Day
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